Lehman Brothers Holdings Inc. won court approval to pay $26 million to the professionals representing the individual members of its creditors committee despite protests from a government watchdog who argued the payments violated the law. Read the DBR article via WSJ.

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According to WSJ, the head of Beechcraft Corp., which just exited bankruptcy under its new name, is looking to sell off assets of the company’s shut-down Hawker unit.

Detroit is getting closer to a state takeover after a review team said the city was enduring a financial emergency, WSJ reports.

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From Dow Jones Daily Bankruptcy Review, exclusive coverage of corporate bankruptcies, companies headed for trouble and the latest trends in bankruptcy law, distressed investing and corporate restructuring. Lead writer Pat Fitzgerald and Daily Bankruptcy Review reporters in Washington, New York and Wilmington, Del., provide insight into the big cases, who’s next to fall and what’s making news across the bankruptcy market.